By 2050, the world’s population is expected to increase by 30%, with 83 million people added every year (UN 2017). The global economy is not generating enough jobs to keep pace with the growing number of labour market entrants.

The proliferation of independent fiscal councils raises the question as to how toothless watchdogs can effectively prevent harmful policies. Even though these councils do not control any policy lever, high hopes rest in their ability to foster more stabilising and financially responsible fiscal policies. Are such hopes justified considering sketchy theory and limited evidence? What factors seem to make certain councils more effective than others? And what political conditions are conducive to establishing effective institutions? This column introduces some of the key issues related to the effectiveness of independent fiscal councils and discussed in a new eBook.

Related

Over the last 20 years, independent fiscal councils (IFCs) have proliferated, most notably in Europe under the impetus of new EU law on fiscal governance, but also in other regions. These official, yet non-partisan fiscal watchdogs have now become part of good-practice fiscal frameworks (Calmfors and Wren-Lewis 2011). Traditionally, fiscal frameworks combine transparency provisions, numerical rules, and procedures guiding budget preparation and execution. Their goal is to promote financially sustainable policies without prejudice to their macroeconomic stabilisation role.

Childcare and development

Drawing on lessons from Colombia and India, Orazio Attanasio of UCL discusses the roles, pre-existing welfare programmes' infrastructure, and parental behaviour play in effective delivery of early childhood development interventions.

Social structure and conflict in sub-Saharan Africa

In recent years, it has become clear that characteristics of pre-colonial African societies are an important determinant of their current economic development. Existing studies have tended to focus on the role of historical political centralisation, and have found a positive relationship between historical statehood and income today (Gennaioli and Rainer 2007, Michalopoulos and Pappaioannou 2013, 2014). However, there are many other differences across African societies beyond their levels of state centralisation.

University of Kent Brussels Summer School 'Europe and the World'

Event Type

0

Event Information

The Summer School broadly addresses the theme of ‘Europe and the World’, which builds upon the academic strengths of the Brussels School of International Studies.

This programme attracts students and young professionals who wish to broaden their knowledge of the EU. Over a period of two weeks, students participate in a series of guest lectures, seminars and debates delivered by academics, policy-makers, diplomats and European civil servants. The summer school allows students to discover how the European Union functions with a particular focus on how it acts as a global organisation and the challenges it faces in today’s world.

The accommodation, tuition, entrance fees on trips, lunches throughout the 2 weeks, a 2 week travel card around Brussels and a celebratory final dinner to mark the end of the course are all included in the cost of the Summer School.

Organizer(s)

Contact Email

Is the system broken?

Teaser

How well does the current system work? In this video, Anat Admati discusses how distortive the system actually is. This video was recorded at the "10 years after the crisis" conference held in London, on 22 September 2017.

Topics

The Presidency of Donald J. Trump has unleashed a barrage of potential changes to US economic policymaking and the economy. This column introduces a new VoxEU eBook which examines many of the major economic policy issues and challenges arising under the new US administration. The eBook includes 18 chapters by leading economists across a range of areas in domestic and international economic policy. Many chapters are sharply critical of the Trump administration’s new approach.

Watch Chad talk about the new eBook and its themes:

Economics and policy in the Age of Trump

Date Published

Mon, 06/05/2017

Cover Image

Teaser

This collection of 18 essays by leading economists highlights many of the most pressing domestic and international economic policy issues on the Trump docket. Many chapters are sharply critical of the Trump administration’s new approach.

Event Type

2

Event Information

The European Central Bank, together with the Massachusetts Institute of Technology (MIT) Lab for Innovation Science and Policy, are holding a joint conference on “Fostering Innovation and Entrepreneurship in the Euro Area”, which will take place on Monday 13 and Tuesday 14 March 2017 at the European Central Bank, Frankfurt am Main.

Contact Email

Topics

Stress Testing Methods

26th April 2016 - 27th April 2016, Florence

Event Type

0

Event Information

Stress testing has been a successful crisis response tool to provide insight into bank capitalisation. As countries emerge from the financial crisis, stress testing is becoming part of banks’ own risk management as well as part of the toolkit of bank supervisors. This course will cover the history, the main policy issues and the tools needed to address them. We will draw from the European and the US, from private and public sector experience.